Fund Facts

Inception: September 1, 1994

Fund Type:Income Portfolio

I-shares Symbol: SIBPX

A-shares Symbol: SQBAX

C-shares Symbol: SQBCX

About Saratoga Capital Management, LLC

Saratoga Capital Management, LLC is a Securities and Exchange Commission registered investment advisor specializing in asset allocation strategies and the evaluation of institutional money managers. Saratoga is a Delaware limited liability company that was founded on May 10, 1994. The firm is headquartered in Phoenix, Arizona. The senior executives of Saratoga have extensive experience in a broad array of financial arenas. Saratoga currently provides its asset allocation and institutional money management services to investment firms located across the United States. Saratoga delivers its services through the mutual fund family that it manages, The Saratoga Advantage Trust.

Investment Style

Saratoga Capital Management, LLC believes that asset allocation strategies should change when the economy experiences major changes. As the economy moves between phases such as full-growth, slow-growth, recession and emerging, Saratoga considers changes to its asset allocation strategies. This brand of asset allocation is referred to as Dynamic Asset Allocation. Dynamic Asset Allocation recognizes that the overall economy is fluid, and is comprised of numerous economic sectors. Saratoga regularly evaluates how individual economic sectors are effecting the general economy in order to develop our asset allocation parameters.

There is no assurance that the Portfolio will achieve its investment objective.

Mutual funds involve risk, including possible loss of principal. All fixed-income securities are subject to two types of risk: credit risk and interest rate risk. Credit risk refers to the possibility that the issuer of a security will be unable to make interest payments and/or repay the principal on its debt. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. The Portfolio may invest in mortgage-backed securities, such as mortgage pass-through securities, which have different risk characteristics than traditional debt securities. Certain mortgage-backed securities may be more volatile and less liquid than other traditional types of debt securities.